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NATIONAL AFFAIRS
Cabinet Approvals on 19th June 2024
The Union Cabinet chaired by Prime Minister (PM) Narendra Modi approved the following on 19th June 2024.
i.Proposal of the Ministry of Home Affairs(MoHA) for the National Forensic Infrastructure Enhancement Scheme (NFIES), a Central Sector Scheme, with a financial outlay of Rs. 2254.43 crore for the period of 2024-25 to 2028-29.
ii.Viability Gap Funding (VGF) scheme for offshore wind energy projects with a total outlay of Rs.7453 crore.
iii.Airports Authority of India (AAI)’s proposal for the development of the Lal Bahadur Shastri International Airport(VNS) in Varanasi, Uttar Pradesh (UP). The estimated financial outlay of the project is Rs 2869.65 crore.
iv.Construction of a Major Port at Vadhavan near Dahanu in Maharashtra with a total project cost of Rs.76,220 Crore.
v.The Union Cabinet approved the increase in the Minimum Support Prices (MSP) for all mandated (14) kharif crops for Marketing Season 2024-25.
>> Read Full News
New Postal Law, Post Office Act 2023 Comes into Effect, Repealed British Colonial-Era Law
Union Ministry of Communication, Government of India (GoI) notified that “The Post Office Act, 2023” came into force with effective from (w.e.f.) on 18th June, 2024. The Post Office Act, 2023 repealed the 125-year old Indian Post Office Act, 1898.
- The Act aims to create a simple legislative framework for the delivery of citizen centric services, banking services and to extend other government benefits to the country’s most distant areas.
- On 24th December, 2023, The President of India, Droupadi Murmu gave assent to The Post Office Bill, 2023 and then, Ministry of Law & Justice published it in the Gazette of India, Extraordinary, Part II, Section 1 dated 24th December, 2023 for general information.
Key Points:
i.According to the Act, the Centre Government will not have any exclusive privilege over conveying letters. The services provided by Indian Post will be prescribed under Rules.
ii.The Act has a provision for the appointment of the Director General of Postal Services. It also empowers the Director General of Postal Services to make regulations regarding charges for postal services such as: supply and sale of postage stamps and postal stationery.
iii.The Act allows the Centre Government through notification may empower any officer to intercept, open, detain or destroy items during transmission by the Post Office on following grounds: security of the state, friendly relations with foreign states, public order, emergency, public safety or contravention of the provisions of the Act or any other laws.
About Ministry of Communications:
Union Minister- Jyotiraditya Scindia (Lok Sabha Constituency- Guna, Madhya Pradesh)
Minister of State(MoS) – Chandra Sekar Pemmasani(Lok Sabha Constituency -Guntur, Andhra Pradesh)
>> Read Full News
MoFPI Ministers Chirag Paswan & Ravneet Singh Launched Web Portal & Mobile App for World Food India 2024
On 19th June 2024, Union Minister Chirag Paswan, Ministry of Food Processing Industries (MoFPI) and Minister of State (MoS) Ravneet Singh , MoFPI, jointly launched the website and mobile application for the 3rd edition of World Food India (WFI 2024) during the curtain raiser ceremony of WFI 2024 held in New Delhi, Delhi.
- WFI 2024, India’s largest food event, is scheduled to be held at the Bharat Mandapam, Pragati Maidan, New Delhi, Delhi from 19th to 22nd September 2024.
About World Food India (WFI) 2024 – Processing for Prosperity:
i.WFI aims to foster collaboration and partnerships among global and Indian food sector.
ii.WFI 2024 is an industry-driven inclusive event hosted by the MoFPI.
iii.This will unite stakeholders from various areas of food industry including, manufactures, producers, investors, international organisations, among others to share ideas, explore opportunities and contribute towards the overall development of food sector.
Previous editions of WFI:
i.The 1st edition of WFI was held in 2017 at the Vigyan Bhawan, New Delhi and the 2nd edition of WFI was held in 2023 at Bharat Mandapam, Pragati Maidan, New Delhi.
ii.As per the Government’s official data, WFI 2017 and WFI 2023 attracted an investment of USD 11.25 billion and USD 3.93 billion respectively.
iii.The 2nd edition of WFI witnessed the participation of 1,208 exhibitors, 715 international buyers from 90 countries, 24 states, and 75,000 attendees.
Key Points:
i.Union Minister Chirag Paswan emphasized the pivotal role of food processing industry which helps to reduce agricultural wastage, promote value addition, ensure food security and strengthen the food supply chain system.
- He also highlighted various flagship schemes which are implemented MoFPI such as: Pradhan Mantri Kisan Sampada Yojana (PMKSY), Production Linked Incentive Scheme (PLIS), and Pradhan Mantri Formalisation of Micro Food Processing Enterprises (PMFME), to promote and sustain the growth of food processing sector.
ii.MoFPI is set to launch the 2nd edition of the Startup Grand Challenge in partnership with Startup India to promote the growing startup ecosystem and foster innovation
About Ministry of Food Processing Industries (MoFPI):
Union Minister- Chirag Paswan (Lok Sabha constituency- Hajipur, Bihar)
Minister of State (MoS)- Ravneet Singh
MSDE Partners with Australian Government to Boost Agriculture Sector of India with Emerging Skills
The Ministry of Skill Development and Entrepreneurship (MSDE), in collaboration with the Australian Government, hosted a pivotal roundtable to discuss insights from the Australia-India Critical Agriculture Skills Pilot Project.
- The roundtable was led by Atul Kumar Tiwari, Secretary, MSDE, and Mr. Mathew Johnston, Minister Counsellor, Education and Research, Australian High Commission.
- This initiative aims to reshape the agricultural sector by identifying and developing emerging job roles.
Key Points from the Roundtable:
i.Focus on scaling and replicating the project across sectors.
ii.Involvement of key stakeholders: National Council for Vocational Education and Training (NCVET), National Skill Development Corporation (NSDC), Indian Council for Agricultural Research (ICAR), Ministry of Education (MoE), and Agriculture Skill Council of India (ASCI).
iii.The development process included consultations with 89 experts from 64 organisations, and a review of various government reports.
iv.The pilot project mapped 107 emerging job roles in the agriculture sector and identified 5 critical roles for the pilot projects.
Educational Collaboration:
The course content has been developed by the ICAR, Mahindra & Mahindra, Australian College of Agriculture & Horticulture (ACAH), Centre of Sustainable Agriculture (CSA), Ironwood Institute, National Skill Foundation of India (NSFI), Aventia Institute, Aga Khan Rural Support Programme, and Carbon Friendly, in collaboration, for respective job roles.
- This collaboration signifies a strategic step towards enhancing vocational education and training, ensuring sustainability and innovation in agriculture.
Implementation and Impact:
i.6 pilot projects are underway across Andhra Pradesh, Maharashtra, Tamil Nadu, and Telangana.
ii.Emerging job roles include Digital Agriculture Extension Promoter, Carbon Farming Practitioner, and others aligned with Sustainable Development Goals (SDGs), primarily climate action, reduced inequalities, etc.
Outcomes and Future Prospects:
i.Alignment of qualification standards was done by the ASCI and Skills Impact (Sector Skill Council equivalent industry body in Australia), in collaboration, to be approved by the NCVET.
ii.This collaboration extends to capacity building and new-age courses under the National Education Policy (NEP) 2020.
About Ministry of Skill Development and Entrepreneurship (MSDE):
Minister of State (MoS) (lndependent Charge (I/C))- Jayant Chaudhary (Rajya Sabha, Uttar Pradesh)
BANKING & FINANCE
ADB Approves USD 170 Million Policy-based Loan to Strengthen Health Systems in India
The Asian Development Bank (ADB) has approved a USD 170 million policy-based loan aimed at bolstering India’s health system preparedness and capacity to respond to future pandemics.
- The loan, under the Strengthened and Measurable Actions for Resilient and Transformative Health Systems (SMART health) Subprogram 1, will support India’s National Health Policy 2017.
The ADB also signed a USD 50 million commitment to the Actis Asia Climate Transition Fund, to accelerate the clean energy transition and address climate change impacts in Asia and the Pacific.
About Asian Development Bank (ADB):
ADB, established in 1966, is a multilateral development financing institution dedicated to reducing poverty in Asia and the Pacific.
President– Masatsugu Asakawa
Headquarters– Mandaluyong City, Manila, Philippines
Members– 68 members (49 from the region).
>> Read Full News
Federal Bank in Collaboration with NPCI Launched RuPay Wave Credit Card with UPI-Powered Transactions
Federal Bank, an Indian private sector bank in collaboration with the National Payments Corporation of India (NPCI), has launched the Federal RuPay Wave Credit Card, empowering customers with the Unified Payments Interface (UPI)-powered transactions on the RuPay network.
- This integration offers seamless digital transactions, combining RuPay credit card benefits and features with UPI payment convenience.
- Cardholders can link their RuPay Wave credit card to preferred UPI apps for swift and secure mobile transactions.
Key Benefits:
i.Simple Application by applying via the FedMobile (mobile banking) app.
ii.No Annual Maintenance Charge (AMC) and joining fees.
iii.10% cashback on the first 5 UPI transactions using the Wave Credit Card.
iv.1000 bonus reward points for quarterly spending of Rs 50,000.
v.1 reward point for every Rs 200 spent.
Linking and Usage:
i.Existing Federal Bank cardholders can apply through the FedMobile app, while new customers must apply for a primary credit card first.
ii.Add the RuPay Wave card to a preferred UPI app and verify details with OTP for seamless UPI on credit card transactions.
iii.Use the UPI app to scan the Quick Response (QR) codes for instant payments.
iv.For E-commerce Payments, choose the UPI option at checkout, and confirm with a UPI Personal Identification Number (PIN) for secure transactions.
About Federal Bank Limited:
It was incorporated on April 23, 1931. The Bank was renamed as The Federal Bank Limited in December 1949.
Managing Director (MD) & Chief Executive Officer (CEO)- Shyam Srinivasan
Headquarters– Aluva, Kerala
Tagline– Your Perfect Banking Partner
About NPCI:
NPCI is an umbrella organisation for operating retail payments and settlement systems in India.
Managing Director (MD) & Chief Executive Officer (CEO)- Dilip Asbe
Headquarters– Mumbai, Maharashtra
Founded – 19 December 2008
IPPB Partners with Ria Money Transfer To Offer Unique Remittance Services 
India Post Payments Bank (IPPB) has partnered with Ria Money Transfer to offer unique remittance services across rural India.
Key Points:
i.This partnership aims to provide customers in remote areas of India with convenient and affordable doorstep financial services.
ii.With this agreement, access to banking services will be greatly improved, especially because 65% of Indians live in rural areas with inadequate financial infrastructure.
iii.This initiative mitigates the previous challenges and risks, fostering true financial inclusion, leading to their long-term economic growth.
iv.Through this collaboration, the International Inward Money Transfer service will initially be offered at over 25,000 Post Office locations, with an expected reach of over 1 Lakh locations through the Post Offices.
v.Additionally, IPPB and Ria Money Transfer are using verified biometric authentication for customers’ Know Your Customer (KYC) without the need of physical ID to collect remittances and digital transaction confirmation with a paperless receipt.
- This ensures a secure, paperless process for receiving remittances, complying with the highest regulatory standards and enhancing security measures.
About India Post Payments Bank (IPPB):
IPPB has been established under the Department of Posts(DoP), Ministry of Communication(MoC) with 100% equity owned by the Government of India (GoI).
Managing Director and Chief Executive Officer (MD & CEO) – R. Viswesvaran
Headquarters – New Delhi, Delhi
Established in – 2018
Tagline – Aapka Bank Aapke Dwar
About Ria Money Transfer:
Ria Money Transfer, a global leader in the cross-border money transfer industry and a subsidiary of Euronet Worldwide, Inc.
Headquarters – Buena Park, California, United States of America (USA)
Founded – 1987
SabPaisa Gets RBI Nod To Operate As a Payment Aggregator
SabPaisa, a payment solutions provider, has received the ‘in-principle’ approval from the Reserve Bank of India (RBI) to operate as a Payment Aggregator (PA) under the Payments and Settlement Systems Act, 2007.
i.The licence will allow SabPaisa to offer comprehensive payment aggregation services to merchants across India.
ii.Since its inception in 2016, SabPaisa specialises in payments, payment gateway solutions, and products such as payouts and subscriptions.
Note: The RBI’s payment aggregator structure, implemented in March 2020, mandates that only approved entities can provide payment aggregation services to merchants.
ECONOMY & BUSINESS
India’s GDP growth is Likely at 7.3% in Q1FY25: RBI’s June 2024 Bulletin
On 19th June 2024, The Reserve Bank of India (RBI) released the June 2024 issue of its monthly Bulletin. As per RBI’s latest bulletin, it is quite optimistic that India’s Gross Domestic Product (GDP) will be 7.3% in Q1 (April-June) FY25 (2024-25) .
- This GDP is in line with the projection made by RBI in its 2nd bi-monthly Monetary Policy released on 7th June, 2024.
- It also expected that the Current Account Deficit (CAD) for FY24 (2023-24) to be lower than 1% of GDP.
Key Points:
i.RBI highlighted that India’s GDP growth rate of 7.8% in Q4(Jan-March) FY24 (2023-24) was better-than-expected and India’s GDP for full FY24 was at 8.2%.
ii.As per article on the “State of the Economy” published in RBI’s June 2024 Bulletin, global growth was stable in Q1FY25 and central banks of many countries have inclined towards less restrictive monetary policy stance due to decrease in inflation in their economies.
iii.High- frequency indicators showed that India’s real GDP growth for Q1FY25 is maintaining the pace it achieved in Q4FY24.
iv.RBI underscored that India’s CAD in the external sector has remained very low i.e. CAD for three quarters of FY24 was 1.2% of GDP.
- It cited that CAD still looks promising as the Reserves have reached USD 655.8 billion which encourages the global investors about the stability of Indian markets.
v.While addressing the press at the release of June 2024 bulletin, RBI Governor, Shaktikanta Das mentioned that RBI aims to diversify the deployment of India’s forex reserves in more currencies and various kinds of assets, particularly Gold.
Inflation:
i.As per RBI June 2024 Bulletin, Retail inflation is gradually easing is due to positive growth of Agriculture with early landfall of the monsoon.
- But, volatile and increased food prices are disrupting the path of disinflation.
ii.It is mandatory for RBI to maintain Retail or Head inflation within the target of 4% with margin of 2% on either side.
Note: In June 2024, RBI in its 2nd bi-monthly Monetary Policy projected retail inflation for full FY25 at 4.5% and 4.9% for Q1FY25.
About Reserve Bank of India(RBI):
Governor– Shaktikanta Das(25th Governor of RBI)
Headquarter– Mumbai, Maharashtra
Established–1 April, 1935
APPOINTMENTS & RESIGNATIONS
Akhil Gupta Named as the Chairman of Bharti AXA Life Insurance
Akhil Gupta has been named as the Chairman of Bharti AXA Life Insurance Company Limited, wholly owned by Bharti Group. Currently he is serving as the Vice Chairman of Bharti Enterprises Limited.
- Gupta has over 40 years of professional expertise and has been instrumental in Bharti Airtel’s growth since its inception.
- He has demonstrated leadership in forging strategic partnerships for Bharti with leading investors such as Warburg Pincus, Temasek, KKR, Qatar Foundation Endowment, Alternative Investment Fund (AIF), and Sequoia Capital.
- He has also led the successful public listings of Bharti Airtel, Bharti Infratel and Airtel Africa.
Note: Bharti AXA Life Insurance has appointed two new Board of Directors (BOD) – Dinesh Kumar Mittal and VV Ranganathan.
ACQUISITIONS & MERGERS
CCI Approves Proposed Combination of Interests Realignment, Legal Ownership, & Entities Management within Godrej Group
The Competition Commission of India (CCI) has approved the proposed combination involving the realignment of interests, legal ownership, and management of various entities within the Godrej group under an inter-se arrangement between the members of the Family Branches.
Note: The realignment follows the Family Settlement Agreement dated 30th April 2024 (FSA) executed by the Family Branches.
Points to note:
i.The members of the Family Branches includes Adi Godrej and family (ABG Family); Nadir Godrej and family (NBG Family); Jamshyd Godrej and family (JNG Family); and Smita Crishna and family (SVC Family).
ii.The target enterprises of the proposed combination include (i) the GILAC Group Entities and (ii) the G&B Group Entities.
GILAC Group Entities:
Godrej Industries Limited; Godrej Consumer Products Limited; Godrej Properties Limited; Godrej Agrovet Limited; Godrej Seeds & Genetics Limited; Innovia Multiventures Private Limited; Astec Lifesciences Limited; and Anamudi Real Estates LLP.
G&B Group Entities:
Godrej & Boyce Manufacturing Company Limited; Godrej Holdings Private Limited; Godrej Infotech Limited; and RKN Enterprises.
CCI Approves Strategic Acquisitions by Real Trustee in WeWork India and Embassy Buildcon in OAW
The CCI has approved the acquisition of certain share capital of WeWork India Management Private Limited (WeWork India) by Real Trustee Advisory Company Private Limited (Real Trustee) and acquisition of 100% share capital of 1 Ariel Way Tenant Limited (OAW) by Embassy Buildcon LLP (Embassy Buildcon)
Details of the proposed combination:
Step 1: Certain share capital of WeWork India will be acquired on a fully diluted basis by Real Trustee (in its capacity as trustee for Volrado Venture Partners Fund II (Volrado II) and Volrado Venture Partners Fund III – Beta (Volrado III)) and other independent co-acquirers in their individual capacity from Embassy Buildcon.
Step 2: 100% share capital of OAW will be acquired on a fully diluted bases by Embassy Buildcon from WeWork International Limited.
- Following this, Embassy Buildcon will indirectly hold share capital of WeWork India through OAW and in aggregate continue to hold majority shareholding in WeWork India, on a fully diluted basis
Entities Involved:
i.Real Trustee, a Trustee of Volrado Ventures, Alternative Investment Funds (AIFs) registered with the Securities and Exchange Board of India (SEBI).
ii.Embassy Buildcon, a limited liability partnership organized and registered real estate developer in India.
iii.WeWork India, a private limited company registered in India, operating flexible workspaces and digital real estate workplace solutions.
iv.OAW holds WeWork India shares on behalf of WeWork International.
Axis Bank Acquires Additional Stake in Max Life Insurance for Rs 336 crore
On June 19 2024, The Acquisitions, Divestments and Merger Committee of the Board of Directors of Axis Bank Limited approved a proposal for acquisition of additional equity shares of Max Life Insurance Company Limited, a subsidiary of Max Financial Services for an amount of up to Rs.336 crore.
- Axis entities, which includes Axis Bank, Axis Capital and Axis Securities, have increased the total holding in Max Life Insurance Company from 19.02% to 19.99%.
Background:
i.In 2020, Axis Bank announced the deal for the acquisition of a stake in Max Life Insurance Company.
ii.In August 2023, Axis Bank raised its stake in Max Life Insurance Company to 16.2% from 9.99%.
iii.In April 2024, Axis entities had increased their stake in Max Life to 19.02%.
OBITUARY
Renowned Bharatanatyam Dancer & Padma Bhushan Awardee C V Chandrasekhar Passed Away
Professor C V Chandrasekhar (fondly referred to as CVC or Chandru anna), a renowned Bharatanatyam Dancer and Padma Bhushan Awardee, has passed away at the age of 89. He was born on 22nd May 1935 at Shimla, Himachal Pradesh.
- In 2011, He was awarded the prestigious ‘Padma Bhushan’ (Arts) for his contributions in Bharatanatyam.
About C V Chandrasekhar:
i.C V Chandrasekhar, an academician, dancer, musician, choreographer and mentor began his formal training in dance at Kalakshetra Foundation (formerly Kalakshetra), Chennai, Tamil Nadu (TN) in 1946.
ii.His notable choreographic productions are Kalidasa’s ‘Ritu Samharam’ and ‘Meghadootham’, ‘Aparajitha’, ‘Pancha Maha Bhootham’, ‘Arohanam’, ‘Bhoomija’ and ‘Bhramarageeth’.
iii.He also worked as faculty in Banaras Hindu University (BHU) in Varanasi, Uttar Pradesh(UP) and Maharaja Sayajirao University of Baroda (MSUB) in Vadodara, Gujarat.
- In 1992 he retired from MSUB as Head and Dean of the Faculty Performing Arts.
iv.He also has his own dance institution ‘Nrityashree’, Chennai, TN.
Awards & Honours:
i.In 2013, He received the M N Subramanian Memorial Award at the Music Academy, Chennai, TN.
ii.He was conferred Natya Kalanidhi award by the Association of Bharatanatyam Artistes of India (ABHAI) in 2013.
iii.He also received the UP Sangeet Natak Akademi Award (1978), Gujarat Nrutya Natak Akademi Award (1988) and Kalidas Samman (2008).
iv.He also received several awards like Sangeeta Kala Acharya from the Music Academy and Nritya Choodamani from Sri Krishna Gana Sabha.
IMPORTANT DAYS
World Refugee Day 2024 – June 20
The United Nations (UN)’s World Refugee Day is annually observed across the globe on 20 June to honour refugees worldwide and recognise the strength and courage of people forced to flee their home countries to escape conflict or persecution.
- The theme of World Refugee Day 2024 is “For a World Where Refugees Are Welcomed”.
- World Health Organization (WHO) joins the Office of the UN High Commissioner for Refugees (UNHCR) (the UN Refugee Agency) and partners to observing the World Refugee Day 2024.
Background:
i.In December 2000, the United Nations General Assembly (UNGA) adopted the resolution A/RES/55/76, proclaiming 20th June of every year as World Refugee Day.
ii.The 1st ever World Refugee Day was observed on 20 June 2001.
- 2001 commemorated the 50th anniversary of the 1951 Convention Relating to the Status of Refugees.
About United Nations High Commissioner for Refugees (UNHCR):
UN High Commissioner for Refugees– Filippo Grandi
Headquarters– Genève, Switzerland
Established in 1950
>> Read Full News
STATE NEWS
Madhya Pradesh CM Inaugurates ‘PM Shri Tourism Air Service’
On 13th June 2024, Mohan Yadav, Chief Minister (CM) of Madhya Pradesh(MP) inaugurated the “PM Shri Paryatan Vayu Seva” (PM Shri Tourism Air Service) at Raja Bhoj International Airport in Bhopal, Madhya Pradesh (MP).
During the event, He also flagged off the first flight between Bhopal and Jabalpur under this Air service.
About PM Shri Paryatan Vayu Seva:
i.PM Shri Tourism Air Service was launched by MP Tourism Board (MPTB) in Public Private Partnership (PPP) with Jet Serve Aviation Private Limited.
ii.This is an intra-state air service that connects the state’s religious and tourist spots by air, aiming to improve connectivity for domestic and international tourists visiting MP.
iii.Under this, eight cities of MP including Bhopal, Indore, Jabalpur, Rewa, Ujjain, Gwalior, Singrauli and Khajuraho will be connected through air service.
Additional info:
i.On 16 June 2024,CM also inaugurated the PM Shri Religious Tourism Heli Service from Ujjain, MP, which connects two world-famous Jyotirlingas at Omkareshwar and Maheshwar with Bhopal and Indore.
ii.CM highlighted that with the cooperation of Prime Minister Narendra Modi, India’s first helicopter pilot training school was started at Khajuraho, MP.
iii.Air ambulance service has also been started in MP by the CM, under which Ayushman cardholders and other patients can travel by air in a very short time to get treatment.
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